The word “fintech” is derived from “financial technology” which means the integration of technological tools and innovations into financial operations in order to enhance and automate the financial processes. Fintech is used to assist financial institutions, businesses in the management of their operations to provide better services to their customers. As the industry of fintech is actively evolving, there is no surprise at all that the news from this sphere can attract wide attention.
Adoption of fintech by a company would mean a significant change to their mode of operations as it involves the use of specialized algorithmic models, mobile applications and dedicated computer software packages.
At its initial introduction stage, companies from a range of industries including banking, education, fundraising, health, venture management, etc. only used fintech for back end systems where they get absolute and full control. Nowadays, most industries have started using the innovation for consumer-oriented services in an attempt to serve their clients better while increasing the transparency in their operations.
As we move towards a significantly digitized world, from the introduction of the internet to social media, smartphone evolution and now blockchain technology, the need for adoption of cryptocurrency cannot be overemphasized. As the underlying framework of pioneer cryptocurrency bitcoin, the blockchain is a vital part of fintech. We’ve seen a number of blockchain-powered fintech apps being employed by banking industries and data inclined platforms.
Fintech has become a major part of the finance space in recent years, this points to the fact that major conglomerates have identified and prioritized its importance in growing their businesses. Fintech works closely with other new technologies such as data-driven analytics and marketing, machine learning, artificial intelligence, etc.
Coinspeaker presents the best and latest Fintech news, ranging from its use in cross border payments, startup business fundraisers, venture management, credit application, to remote banking, as investors and stakeholders’ awareness about the innovation continues to rise daily.
The new Mastercard upgrade is said to pose a challenge to rival Visa’s Fast Track initiative and intends to add crypto and blockchain tech track to their Start Path Incubator program.
Besides remittance services, CoinZoom features five different CoinZoom Visa cards, depending on the amount of ZOOM you hold in your wallet.
Founded back in 2008, Tranglo has grown to an international payment processing company with 1,300 payout partners.
ProvXchange, a payments platform by BankProv, will allow its two clients to pay each other instantly. The company is known for its state-of-the-art APIs (application programming interfaces) for all customers.
The @Pay protocol is leveraging blockchain technology and DeFi to offer tailored e-commerce solutions to consumers and merchants.
CEO of Currencycloud, Mike Laven stated that the combination of Currencycloud’s fintech expertise coupled with Visa’s network will enable both parties to deliver greater customer value to the businesses moving money across borders.
Following the success of the Square Debit Card and Square Capital, the company is looking to further aid small businesses to better manage their finances.
The two players will work on helping businesses to accept crypto payments at their end. Mastercard will leverage Circle’s USDC stablecoin to facilitate instant settlement at their end.
The new travel booking feature of Revolut known as “Stays” will include premium options through which the users can book hotels and accommodation based on their ideal travel location.
The company will now offer a special facility where clients can use their Mastercard to conduct crypto transactions.
DriveWealth is a successful fintech startup that has recently gained momentum in terms of accelerated revenue.
The gradual acceptance of crypto among customers across the globe has not gone unnoticed by PayPal.
The latest Revolut funding was backed by Japanese investor SoftBank’s Vision 2 and British conglomerate Tiger Global.
In 2020, Skrill was identified as a major driver of digital currency adoption bringing crypto assets to millions of users.
Some banks, including Barclays and the UK branch of the Santander bank, have also blocked their customers from using their cards on the Binance exchange.